Franchise loans help entrepreneur setup new locations

Jessica SarterFranchise Finance

For prospective business owners, successfully navigating the franchise loan marketplace is crucial to opening a new location. For example, entrepreneur Daniel Magnus recently took advantage of loans to open up a new Elevation Burger restaurant in Rye Brook, New York.

Magnus secured more than $35,000 worth of franchise loans by taking advantage of a number of local programs offered by a variety of lenders. His first location launched last October and he is now looking to open a second this march in Yonkers. Magnus has been planning the development of the two locations for the past year.

"I’m very excited to start in Rye Ridge," Magnus told Lower Hudson regional site LoHud.com. "The community has embraced organic food."

The launch of the new location has benefited the local community by contributing approximately 35 to 40 jobs. Several area officials, such as U.S. Representative Nita Lowey, attended an opening event to celebrate the impact the Elevation Burger has had on the region.